2024-05-15T14:14:09-05:00 2023-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2022-07-01 042103821 MIDDLESEX SCHOOL MIDD 9783692550 1400 LOWELL ROAD CONCORD MA 01742 THERESE A CUNNINGHAM CFO 9783692550 2024-05-15 1 THERESE CUNNINGHAM 999009999 0 LYNNE JOHNSON P00757336 6179129000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z BESSIE SPEERS 1400 LOWELL ROAD CONCORD MA 01742 58554443 0 X WWW.MXSCHOOL.EDU X 1901 MA MIDDLESEX SCHOOL IS A COLLEGE-PREPARATORY SCHOOL FOR GRADES 9 THROUGH 12. 31 30 259 160 -95099 0 6254153 6283135 25902224 26556442 18747528 6280851 769302 3240074 51673207 42360502 7197371 7584177 0 0 19342040 19624673 0 0 2473944 20086895 19819714 46626306 47028564 5046901 -4668062 434598457 434288156 76855109 80605449 357743348 353682707 MIDDLESEX SCHOOL IS AN INDEPENDENT, NON-DENOMINATIONAL, RESIDENTIAL, COLLEGE-PREPARATORY SCHOOL THAT, FOR OVER ONE HUNDRED YEARS, HAS BEEN COMMITTED TO EXCELLENCE IN THE INTELLECTUAL, ETHICAL, CREATIVE, AND PHYSICAL DEVELOPMENT OF YOUNG PEOPLE. (SEE SCHEDULE O) 0 0 35068477 7584177 29745517 MIDDLESEX SCHOOL IS A NON-SECTARIAN COLLEGE PREPARATORY BOARDING AND DAY SCHOOL FOR BOYS AND GIRLS IN GRADES 9-12. MIDDLESEX HAS ALWAYS PRIDED ITSELF IN ATTRACTING A DIVERSE, HIGHLY MOTIVATED GROUP OF STUDENTS FROM ACROSS THE COUNTRY AND MORE RECENTLY THE WORLD. CURRENT ENROLLMENT IS ABOUT 400 STUDENTS FROM MANY STATES AND COUNTRIES. FOUNDED IN 1901, THE SCHOOL HAS A LONG TRADITION OF PLACING STUDENTS IN THE MOST SELECTIVE COLLEGES. MIDDLESEX OFFERS A CHALLENGING ACADEMIC PROGRAM. IN ADDITION TO ITS SCHOOL YEAR PROGRAM, MIDDLESEX MAKES USE OF ITS CAMPUS FACILITIES FOR SUMMER AUXILIARY PROGRAMS CONSISTENT WITH ITS PRIMARY MISSION. 35068477 1 1 0 1 0 0 1 1 0 1 1 1 0 1 1 1 1 0 1 0 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 149 0 1 259 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 31 30 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X THERESE A CUNNINGHAM CFO 9783692550 1400 LOWELL ROAD CONCORD MA 01742 KARLYN M MCNALL INTERIM HEAD OF SCHOOL 80.00 0.00 X X 388976 0 178525 ALEXANDRA HANKEN RUSSELL TRUSTEE 5.00 0.00 X 0 0 0 ALEXANDER C BANKER TRUSTEE 5.00 0.00 X 0 0 0 MARY LOU BOUTWELL TRUSTEE 5.00 0.00 X 0 0 0 JOHANNA BOYNTON TRUSTEE 5.00 0.00 X 0 0 0 RODNEY CLARK TRUSTEE 5.00 0.00 X 0 0 0 JOY CONNOLLY TRUSTEE 5.00 0.00 X 0 0 0 CAROLINE COUNSELMAN TRUSTEE 5.00 0.00 X 0 0 0 JAMES F CURTIS III TRUSTEE 5.00 0.00 X 0 0 0 MADELINE DEMOULAS TRUSTEE 5.00 0.00 X 0 0 0 ABIGAIL MARR DOFT TRUSTEE 5.00 0.00 X 0 0 0 SAMANTHA DU TRUSTEE 5.00 0.00 X 0 0 0 JENNIFER BURNES FULTON TRUSTEE 5.00 0.00 X 0 0 0 ROBERT W IULIANO TRUSTEE 5.00 0.00 X 0 0 0 CHARLES MADDOCK TRUSTEE 5.00 0.00 X 0 0 0 EDWARD F MEHM TRUSTEE 5.00 0.00 X 0 0 0 PATRICIA A MELTON TRUSTEE 5.00 0.00 X 0 0 0 BENJAMIN NYE TRUSTEE 5.00 0.00 X 0 0 0 DR COURTNEY PORTLOCK TRUSTEE 5.00 0.00 X 0 0 0 JASMINE RICHARDS TRUSTEE 5.00 0.00 X 0 0 0 BRET STEPHENS TRUSTEE 5.00 0.00 X 0 0 0 CASS SUNSTEIN TRUSTEE 5.00 0.00 X 0 0 0 STANOY S TASSEV TRUSTEE 5.00 0.00 X 0 0 0 ROBERT C TRUMBULL TRUSTEE 5.00 0.00 X 0 0 0 JULIA FRENCH VEGHTE TRUSTEE 5.00 0.00 X 0 0 0 JASON ROBART PRESIDENT 5.00 0.00 X X 0 0 0 ANNE T BASS VICE PRESIDENT 5.00 0.00 X X 0 0 0 ROBERT M BASS VICE PRESIDENT 5.00 0.00 X X 0 0 0 ALLEN J MODEL VICE PRESIDENT 5.00 0.00 X X 0 0 0 SARAH C LEARY SECRETARY 5.00 0.00 X X 0 0 0 ANDREW PITTS TREASURER 5.00 0.00 X X 0 0 0 THERESE A CUNNINGHAM CHIEF FINANCIAL OFFICER 60.00 0.00 X 224955 0 84754 MATTHEW E CROZIER CHIEF OPERATING OFFICER 60.00 0.00 X 216390 0 91051 GEORGE W NOBLE DIRECTOR OF ADVANCEMENT 60.00 0.00 X 199501 0 55846 HEATHER J PARKER DIRECTOR OF DEVELOPMENT 60.00 0.00 X 211043 0 22002 JOE ALFORD CHIEF TECHNOLOGY OFFICER 60.00 0.00 X 126264 0 130884 MATTHEW J DEGREEFF DEAN OF COLLEGE COUNSELING & STUDENT ENRICHM 60.00 0.00 X 129255 0 104384 DOUGLAS C PRICE DEAN OF ADMISSIONS AND FINANCIAL AID 60.00 0.00 X 169302 0 54531 KATHRYN MARCHAND DEAN OF FACULTY 60.00 0.00 X 129492 0 70277 MARGARET MCLAUGHLIN DIRECTOR OF HEALTH & WELLNESS 60.00 0.00 X 125590 0 40791 DAVID BEARE FORMER HEAD OF SCHOOL 0.00 0.00 X 470435 0 28596 2391203 0 861641 16 1 1 0 FLIK (COMPASS GROUP USA) PO BOX 417632 BOSTON MA 02241 FOOD SERVICE CONTRACTOR 2128729 SAUL EWING ARNSTEIN & LEHR LLP 131 DARTMOUTH STREET BOSTON MA 02116 LEGAL SERVICES 374452 INFRANET SOLUTIONS INC 2 BATTERYMARCH PARK QUINCY MA 02169 IT SERVICES 307995 PRIME BUCHHOLZ LLC PO BOX 16011 LEWISTON ME 04243 INVESTMENT ADVISING SERVICES 247518 HOLLAND & KNIGHT LLP PO BOX 864084 ORLANDO FL 32886 LEGAL SERVICES 232873 19 132195 6150940 1313434 6283135 TUITION REVENUE 611600 26556442 26556442 26556442 2339225 -95099 2434324 90258 49957 40301 40301 40301 19726215 31491 15816080 0 3910135 31491 3941626 3941626 225789 132195 208337 17452 17452 112813 119567 -6754 -6754 EMPLOYEE RETENTION CREDIT 900099 2317057 2317057 ATHLETIC TRIP INCOME 900099 334079 334079 MUSIC TUTOR INCOME 611600 110568 110568 427371 427371 3189075 42360502 29745517 -95099 6426949 57265 57265 7526912 7526912 2032271 1383977 475551 172743 11886158 8094474 2781361 1010323 1029852 701330 240985 87537 3736764 2544736 874403 317625 939628 639944 220221 79463 218286 217236 1050 115062 115062 2800 2800 2543701 2543701 1167487 822960 323327 21200 10374 10374 555301 268666 169907 116728 925691 371768 466282 87641 3307 3307 2757785 2588434 140153 29198 923214 733695 81651 107868 88642 72000 10921 5721 488399 459413 23061 5925 5749251 5408034 271468 69749 384260 159482 222723 2055 FOOD SERVICE 2625879 2288546 95081 242252 EQUIPMENT 351642 291026 42240 18376 EQUIPMENT RENTALS 177761 76713 11647 89401 MEMBERSHIP FEES 90285 15590 65606 9089 640587 560205 80382 47028564 35068477 9486143 2473944 1896244 1696395 15011381 9497232 40187428 44408235 11044673 12141171 48935 38266 556378 2978844 192253316 91222464 102693739 101030852 14672784 13886064 196485112 194370530 52001783 54240567 434598457 434288156 3268732 4307018 18719694 20229833 17339604 17347108 37527079 38721490 76855109 80605449 X 108160900 108114490 249582448 245568217 357743348 353682707 434598457 434288156 X -4668062 -6143186 6750607 X 0 1 X 1 0 X 19119380 10134044 8099190 6254153 6283135 49889902 19119380 10134044 8099190 6254153 6283135 49889902 9468856 40421046 3210326 1806381 2608160 2204976 2524582 12354425 284156 50518 6312 77915 418901 353331 135076 71948 108451 112813 781619 63444847 143284986 0.63710 0.56140 X SCHEDULE A, PART II, SPECIAL RULE IN SCHEDULE B: THE SCHOOL HISTORICALLY HAS USED THE GREATER THAN $5,000 OR 2% RULE IN REPORTING CONTRIBUTORS IN COMPLIANCE WITH THE SCHEDULE B INSTRUCTIONS, THEREFORE, DUE TO THE BROADLY SUPPORTED NATURE OF THE ORGANIZATION AND DEEMED MEETING THE PUBLIC SUPPORT TEST UNDER CURRENT GUIDANCE, CONTRIBUTORS OVER THE 2% RULE FOR SECTION 509(A)(1) BROADLY SUPPORTED ORGANIZATIONS ARE REPORTED. THE SCHOOL HAS COMPLETED SCHEDULE A, PART II FOR THE PURPOSE OF APPLYING THE SPECIAL RULE ON SCHEDULE B. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 0 PART II-B, LINE 1: MIDDLESEX SCHOOL IS A MEMBER OF THE MASSACHUSETTS ASSOCIATION OF NONPROFIT SCHOOLS & COLLEGES, A GROUP THAT MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES AND AS SUCH NO DETERMINATIVE AMOUNT IS LISTED IN THE SCHEDULE. X 2 160.00 0 0 0 1 0 8.00 1400 X 0 220472785 3654559 -2784866 11410700 209931778 252327972 2297127 -22738981 11413333 220472785 179678110 1605192 80114546 9069876 252327972 171760741 3409065 12901215 8392911 179678110 165846119 1757930 11621349 7464657 171760741 0.14000 0.42000 0.44000 1 0 1212242 1212242 174778652 82600759 92177893 9606757 8621705 985052 6655665 6655665 101030852 DOMESTIC EQUITY 32544266 F INTERNATIONAL EQUITY 32230502 F PRIVATE EQUITY 93947472 F ABSOLUTE RETURN 25917136 F REAL ASSETS 3923324 F OTHER 5807830 F 194370530 BENEFICIAL INTEREST IN CHARITABLE REMAINDER TRUSTS 53834194 OPERATING RIGHT-OF-USE ASSETS, NET 406373 54240567 LIABILITY ON CHARITABLE REMAINDER TRUSTS 38337571 OPERATING LEASE LIABILITY 383919 38721490 X 33576393 -6143186 -3018784 -9161970 42738363 -377861 -377861 42360502 37637034 377861 377861 37259173 2535253 7234138 9769391 47028564 PART II, LINE 5: THE SCHOOL MEETS ANNUALLY WITH THE TRUSTEES OF RESERVATIONS WHO ADMINISTER THE EASEMENTS AND TOUR THE SITE. PART II, LINE 9: CONSERVATION EASEMENTS ON THE MIDDLESEX CAMPUS ARE RELATED TO THE PROTECTION/PRESERVATION OF WETLANDS AND THE PROTECTION OF RESIDENT WILDLIFE ON A PORTION OF THE MIDDLESEX PROPERTY. MIDDLESEX USES AN ENVIRONMENTAL CONSULTING FIRM ANNUALLY TO TEST THE WATER QUALITY OF THE WETLANDS ON THE MIDDLESEX CAMPUS WHERE AMPHIPODS (SALAMANDERS) RESIDE. THE LAND IS RECORDED AS AN ASSET ON THE BALANCE SHEET AND THE EXPENSES RELATED TO THE ENVIRONMENTAL CONSULTING SERVICES ARE CHARGED TO FACILITIES AND OPERATIONS. PART III, LINE 4: THE SCHOOL MAINTAINS AND PRESERVES THE FOLLOWING ITEMS THAT WERE DONATED TO THE SCHOOL FOR DISPLAY AT THE SCHOOL'S LIBRARY: -FLAG OF THE 55TH MASSACHUSETTS VOLUNTEERS OF THE CIVIL WAR -SWORD OF N.P. HALLOWELL, COLONEL OF THE 55TH MASSACHUSETTS VOLUNTEERS OF THE CIVIL WAR -WORKS OF ART -RARE COLLECTION OF BOOKS PART V, LINE 4: THE SCHOOL HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE ASSETS OF DONOR-RESTRICTED FUNDS THAT THE SCHOOL MUST HOLD IN PERPETUITY OR FOR DONOR-SPECIFIED PURPOSES AS WELL AS BOARD DESIGNATED FUNDS. THE SCHOOL EXPECTS ITS ENDOWMENT FUNDS, OVER TIME, TO PROVIDE AN AVERAGE RATE OF RETURN THAT WILL ALLOW THE PURCHASING POWER OF THE ENDOWMENT TO BE MAINTAINED. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE SCHOOL RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE SCHOOL TARGETS A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF TRUSTEES, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRODUCE RESULTS THAT EXCEED A POLICY INDEX. PART X, LINE 2: THE SCHOOL IS QUALIFIED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES. THE SCHOOL IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON UNRELATED BUSINESS INCOME. THE SCHOOL FOLLOWS FASB ASC 740, INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES BY PRESCRIBING THE RECOGNITION THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. THE SCHOOL RECOGNIZES A TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THE SCHOOL HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. THE SCHOOL IS GENERALLY EXEMPT FROM INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR THREE YEARS FROM THE FILING DATE. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT MANAGEMENT FEES NETTED WITH REVENUE ON AUDITED FS -2,535,253. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 6,750,607. FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS -7,234,138. PART XI, LINE 4B - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD REPORTED ON FORM 990, PART VIII LINE 10B -119,567. RENTAL EXPENSES REPORTED ON FORM 990, PART VIII, LINE 6B -49,957. FUNDRAISING EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B -208,337. PART XII, LINE 2D - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD REPORTED ON FORM 990, LINE 10B 119,567. RENTAL EXPENSES REPORTED ON FORM 990, PART VIII, LINE 6B 49,957. FUNDRAISING EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B 208,337. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 7,234,138. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NOTICE OF NONDISCRIMINATION POLICY(S) IS ON THE SCHOOL'S WEBSITE. AS A LISTED MEMBER OF THE ASSOCIATION OF INDEPENDENT SCHOOLS OF NEW ENGLAND (AISNE), THE SCHOOL HAS A NON-DISCRIMINATION STATEMENT. SCHEDULE E, PART I, LINE 6 THE SCHOOL FILED FOR $2,317,057 IN RELATION TO THE EMPLOYEE RETENTION CREDIT AND IS WAITING FOR A RESPONSE FROM THE IRS. CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 6218605 EAST ASIA AND THE PACIFIC INVESTMENTS 10321815 EUROPE (INCLUDING ICELAND & GREENLAND) INVESTMENTS 25992963 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 SCHOOL SPONSORED TRIP 134491 SUB-SAHARAN AFRICA 0 0 SCHOOL SPONSORED TRIP 2100 0 0 0 0 0 0 42669974 0 42669974 1 0 1 1 1 0 PART III ACCOUNTING METHOD: GALA 331459 122495 208964 26395 43132 87004 30391 KINGMAN CUP 26525 9700 16825 1100 18812 436 1067 357984 132195 225789 27495 61944 87440 31458 208337 17452 1 TOWN OF CONCORD - CONCORD CARES 22 MONUMENT SQUARE CONCORD MA 01742 046001121 115 25000 0 GIFT FOR FD EQUIP/POLICE DOG PROGRAM CONCORD FREE LIBRARY 129 MAIN STREET CONCORD MA 01742 042121328 25000 0 GIFT FOR TOWN LIBRARY FOR ADDITION TO THE FACILITY 2 FINANCIAL AID 129 7526912 FMV FINANCIAL ASSISTANCE OFFSETS AGAINST THE STUDENTS' ACCOUNTS. PART I, LINE 2: FINANCIAL AID WAS PROVIDED FOR TUITION AND FEES TO STUDENTS EXHIBITING FINANCIAL NEED, NO OUTSIDE GRANTS WERE PROVIDED. THE SCHOOL SCHOLARSHIP SERVICE, AN INDEPENDENT ORGANIZATION, PROCESSES THE APPLICATIONS FOR FINANCIAL AID. MIDDLESEX SCHOOL DISTRIBUTES THE FUNDS TO THOSE CANDIDATES WHO DISPLAY NEED BASED ON THESE APPLICATIONS, SUPPORTING TAX DOCUMENTS AND AVAILABLE GRANT FUNDS. MIDDLESEX SCHOOL'S TWO MEDIUMS FOR THE SOLICITATION OF APPLICANTS FOR ENROLLMENT TO THE SCHOOL ARE ITS ADMISSIONS BROCHURES AND ITS WEB SITE. THE STATEMENT THAT FINANCIAL AID IS AWARDED TO STUDENTS ON THE BASIS OF FINANCIAL NEED, WITHOUT REGARD TO RACE, CREED, SEX OR NATIONAL ORIGIN IS CONTAINED IN ALL SUCH LITERATURE. THE SCHOOL ALSO GIVES TUITION REMISSION TO FACULTY CHILDREN WHO ATTEND MIDDLESEX SCHOOL. THE AMOUNT OF ANY QUALIFIED TUITION REDUCTION FOR AN EMPLOYEE OF AN EDUCATIONAL INSTITUTION IS EXCLUDABLE FROM GROSS INCOME UNDER CODE SECTION 117. IN ORDER TO QUALIFY FOR THE EXCLUSION, THE TUITION REDUCTION MUST BE PROVIDED TO AN EMPLOYEE OF A QUALIFIED EDUCATIONAL ORGANIZATION. ALSO, THE TUITION REDUCTION MUST BE FOR EDUCATION AT THE ELEMENTARY, SECONDARY, OR UNDERGRADUATE LEVELS, EITHER AT THE EMPLOYER EDUCATIONAL INSTITUTION OR AT ANOTHER EDUCATIONAL INSTITUTION. X 1 0 X X X X X 1 0 0 0 0 0 0 1 0 KARLYN M MCNALL INTERIM HEAD OF SCHOOL 388907 0 0 0 69 0 60588 0 117937 0 567501 0 0 0 DAVID BEARE FORMER HEAD OF SCHOOL 176853 0 0 0 293582 0 0 0 28596 0 499031 0 0 0 THERESE A CUNNINGHAM CHIEF FINANCIAL OFFICER 202886 0 22000 0 69 0 21806 0 62948 0 309709 0 0 0 MATTHEW E CROZIER CHIEF OPERATING OFFICER 196261 0 0 0 20129 0 21119 0 69932 0 307441 0 0 0 JOE ALFORD CHIEF TECHNOLOGY OFFICER 126234 0 0 0 30 0 14025 0 116859 0 257148 0 0 0 GEORGE W NOBLE DIRECTOR OF ADVANCEMENT 179432 0 10000 0 10069 0 18864 0 36982 0 255347 0 0 0 MATTHEW J DEGREEFF DEAN OF COLLEGE COUNSELING & STUDENT ENRICHM 129126 0 0 0 129 0 14413 0 89971 0 233639 0 0 0 HEATHER J PARKER DIRECTOR OF DEVELOPMENT 185914 0 10000 0 15129 0 18864 0 3138 0 233045 0 0 0 DOUGLAS C PRICE DEAN OF ADMISSIONS AND FINANCIAL AID 149173 0 0 0 20129 0 16338 0 38193 0 223833 0 0 0 KATHRYN MARCHAND DEAN OF FACULTY 129294 0 0 0 198 0 13687 0 56590 0 199769 0 0 0 MARGARET MCLAUGHLIN DIRECTOR OF HEALTH & WELLNESS 104761 0 0 0 20829 0 10577 0 30214 0 166381 0 0 0 PART I, LINE 1A SINCE THE SCHOOL IS A BOARDING SCHOOL, THE MAJORITY OF THE FACULTY ARE REQUIRED TO LIVE ON CAMPUS FOR THE PURPOSE OF SUPERVISING THE STUDENTS. THE ESTIMATED VALUE OF THIS BENEFIT WAS $20,000 DURING THE YEAR WHICH IS INCLUDED IN THE ESTIMATE OF OTHER COMPENSATION REPORTED IN THE FORM 990, PART VII, COLUMN F AND NONTAXABLE BENEFITS REPORTED IN PART II, COLUMN D OF SCHEDULE J. THE HEAD OF SCHOOL'S RESIDENCE HAS A COMBINATION OF PUBLIC AND PRIVATE SPACE. THE ESTIMATED VALUE REFLECTS THE PRIVATE PORTION OF THE RESIDENCE. PART I, LINE 1B THE SCHOOL HAS A WRITTEN POLICY IN REGARDS TO THE ALLOCATION OF FACULTY MEMBERS TO AVAILABLE ON CAMPUS HOUSING AS PART OF THE FACULTY HANDBOOK. WHILE THE SCHOOL WOULD LIKE TO HOUSE ALL MEMBERS OF THE FACULTY ON CAMPUS, THE NUMBER OF FACULTY MEMBERS EXCEED THE NUMBER OF AVAILABLE HOUSING UNITS. UNITS ARE ALLOCATED BASED ON AVAILABILITY AND FIT (DORM RESPONSIBILITIES COMPARED WITH FACULTY RESPONSIBILITIES). THE ESTIMATED NON TAXABLE VALUE FOR THIS ON-CAMPUS HOUSING IS INCLUDED IN PART VII FOR THE INTERIM HEAD OF SCHOOL, FORMER HEAD OF SCHOOL, CHIEF FINANCIAL OFFICER, CHIEF TECHNOLOGY OFFICER, DEAN OF COLLEGE COUNSELING & STUDENT ENRICHMENT, AND DEAN OF FACULTY. IN SOME INSTANCES WHERE ON-CAMPUS HOUSING IS NOT AVAILABLE, TAXABLE STIPENDS ARE ADDED TO FACULTY MEMBER CONTRACTS AND ARE REPORTED IN PART VII, COLUMN (D) UNDER REPORTABLE COMPENSATION AND IN SCHEDULE J, COLUMN (B)(III). THE DIRECTOR OF ADVANCEMENT, CHIEF OPERATIONS OFFICER, DIRECTOR OF HEALTH AND WELLNESS, DIRECTOR OF DEVELOPMENT, AND DEAN OF ADMISSIONS AND FINANCIAL AID HAVE RECEIVED SUCH TAXABLE STIPENDS. PART I, LINE 4A DAVID BEARE, FORMER HEAD OF SCHOOL (THROUGH 12/10/2021) RECEIVED TOTAL SEVERANCE PAYMENTS OF $216,379 IN CALENDAR YEAR 2022. PART I, LINE 7 ALL BONUSES ARE PERFORMANCE-BASED AND APPROVED BY THE BOARD UPON THEIR ANNUAL REVIEW. PART II, KARLYN M. MCNALL (INTERIM HEAD OF SCHOOL): FOR THE CALENDAR YEAR 2022, KARLYN M. MCNALL, INTERIM HEAD OF SCHOOL, RECEIVED NON-TAXABLE ON-CAMPUS HOUSING, VALUED AT $20,000. SHE RECEIVED EMPLOYER PROVIDED HEALTH INSURANCE OF $25,923 AND NON-TAXABLE EMPLOYER PROVIDED HEALTH SAVINGS ACCOUNT OF $1,500. IN ADDITION, SHE PAID NON-TAXABLE HEALTH INSURANCE PREMIUM PAYMENTS WHICH TOTALED $9,212 AND CONTRIBUTED TO MEDICAL FLEXIBLE SPENDING ACCOUNT OF $5,800. SHE ALSO RECEIVED TUITION REMISSION BENEFIT OF $55,155. ALL OF THESE AFOREMENTIONED NON-TAXABLE BENEFITS ARE OFFERED TO FACULTY MEMBERS AND ARE NOT EXCLUSIVE TO KARLYN MCNALL'S CONTRACT. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 000000000 2020-04-01 17500000 REFINANCE OUTSTANDING SERIES 2013 BONDS AND FINANCE CAPITAL CONSTRUCTIONS 0 0 0 A 17500000 17500000 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2021 X 27 1313434 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS IS BASED ON THE NUMBER OF GIFTS. FORM 990, PART VI, SECTION A, LINE 2 ROBERT M. BASS AND ANNE T. BASS HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B ONCE THE DRAFT FORM 990 IS PREPARED, IT IS FIRST REVIEWED BY MIDDLESEX MANAGEMENT, INCLUDING THE CONTROLLER, CHIEF FINANCIAL OFFICER, AND THE HEAD OF SCHOOL. IT IS THEN DISTRIBUTED TO THE AUDIT COMMITTEE FOR THEIR REVIEW. AN AUDIT COMMITTEE MEETING IS THEN SCHEDULED TO DISCUSS THE RETURN, ANY CHANGES IN THE CURRENT YEAR, OR DIFFICULTIES ENCOUNTERED, ETC. AFTER THE AUDIT COMMITTEE REVIEWS AND DISCUSSES THE DRAFT AND PROPOSES CHANGES, IF NEEDED, THEY WILL APPROVE THE FORM 990 AS THEY DISCUSSED. AFTER APPROVAL BY THE AUDIT COMMITTEE, AND PRIOR TO FILING, A COPY OF THE FORM 990 WITHOUT SCHEDULE B WILL BE DISTRIBUTED TO ALL BOARD MEMBERS ELECTRONICALLY (OR, WHERE EMAIL IS NOT AVAILABLE, A HARD COPY OF THE FORM IS PROVIDED VIA MAIL) PRIOR TO THE ACTUAL FILING OF THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST/GOVERNANCE QUESTIONNAIRES ARE DISTRIBUTED ANNUALLY TO ALL CURRENT VOTING BOARD MEMBERS, ALL TRUSTEE EMERITI (NON-VOTING), ALL FORMER TRUSTEES THAT WERE VOTING BOARD MEMBERS WITHIN THE LAST FIVE YEARS, ALL KEY-EMPLOYEES, AND ALL FORMER KEY-EMPLOYEES THAT LEFT EMPLOYMENT WITH THE SCHOOL AT SOME POINT WITHIN THE LAST 5 YEARS. IF FORMS ARE NOT COMPLETED, A SECOND REQUEST IS SENT OUT. ALL FORMS ARE REVIEWED BY THE CHAIR OF OUR TRUSTEE AND GOVERNANCE COMMITTEE AND A SUMMARY IS REPORTED TO THE AUDIT COMMITTEE. IF CONFLICTS EXIST, THE CONFLICTED MEMBER ABSTAINS FROM VOTING ON ANY DECISIONS MADE BY THEIR RESPECTIVE COMMITTEES OR THE BOARD. IT IS DOCUMENTED IN THE MEETING MINUTES WHERE THE VOTE IS CONCERNED. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT COMMITTEE OF THE BOARD OF TRUSTEES IS CHARGED WITH ANNUALLY EVALUATING THE JOB PERFORMANCE OF THE PRINCIPAL SALARIED OFFICER (HEAD OF SCHOOL). THE PRESIDENT OF THE BOARD APPOINTS THREE TO FOUR INDIVIDUALS TO SERVE ON THE COMPENSATION COMMITTEE. THE PRACTICE HAS BEEN TO APPOINT THE PRESIDENT, TREASURER, AND CHAIR/VICE-CHAIR OF THE TRUSTEES AND GOVERNANCE COMMITTEE. THE COMMITTEE IS ADVISED BY OUTSIDE COUNSEL WHO ATTENDS THE MEETINGS, TAKES MINUTES, AND ADVISES THE COMMITTEE MEMBERS OF ANY LEGAL ISSUES OR QUESTIONS THAT ARISE IN THE PROCESS. THE PRESIDENT OF THE BOARD ASKS ALL TRUSTEES TO COMPLETE EVALUATION FORMS AT THE SPRING BOARD MEETING. THE PRESIDENT OF THE BOARD ALSO SOLICITS ORAL COMMENTS FROM THE TRUSTEES DURING AN EXECUTIVE SESSION AT THE SPRING BOARD MEETING AS WELL AS CONDUCTS, WITH OTHER MEMBERS OF THE COMPENSATION COMMITTEE, 360 DEGREE INTERVIEWS WITH SENIOR ADMINISTRATORS. IN PREPARATION FOR THE INTERVIEW WITH THE HEAD OF SCHOOL IN JUNE, THE COMPLETED TRUSTEE EVALUATION FORMS ARE SUMMARIZED FOR THE MEMBERS OF THE COMPENSATION COMMITTEE. THE HEAD OF SCHOOL ALSO PREPARES A SUMMARY OF ACCOMPLISHMENT OF THE PRIOR SCHOOL YEAR AND STATEMENT OF GOALS MET FROM THE PREVIOUS REVIEW AND ESTABLISHED FOR THE COMING SCHOOL YEAR. AFTER THE INTERVIEW WITH THE HEAD, THE HEAD IS EXCUSED, AND THE COMMITTEE (NOT INCLUDING ANY MEMBER WHO MAY HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT BEING REVIEWED) DELIBERATES IN EXECUTIVE SESSION TO DISCUSS THE PERFORMANCE REVIEW AND TO REVIEW A COMPILATION OF COMPENSATION AND BENEFIT DATA ASSEMBLED ON A BLIND BASIS BY THE ASSOCIATION OF BUSINESS OFFICERS OF PREPARATORY SCHOOLS IN ORDER TO ESTABLISH A BASIS FOR ADJUSTING THE HEAD'S COMPENSATION AND BENEFITS FOR THE COMING SCHOOL YEAR. AFTER REACHING A CONCLUSION ON ADJUSTMENTS FOR THE COMPENSATION AND BENEFIT ARRANGEMENTS FOR THE COMING YEAR THAT WOULD REPRESENT COMPENSATION BASED ON THE COMMITTEE'S REVIEW OF THE COMPARABILITY DATA, THE HEAD IS INVITED TO HEAR THE RESULTS. THE DECISIONS ARE RECORDED IN THE MINUTES OF THE COMMITTEE, AND THE CHANGES IN COMPENSATION (IF ANY) ARE MEMORIALIZED IN A LETTER AND WHERE NECESSARY IN AMENDMENTS TO THE EMPLOYMENT CONTRACT. THE RESULTS ARE REPORTED TO THE FULL BOARD IN EXECUTIVE SESSION (WITHOUT THE HEAD PRESENT) AT THE FALL BOARD MEETING. THE INTERIM HEAD OF SCHOOLS TERM ENDED ON 6/30/23. HER LAST REVIEW WAS COMPLETED IN THE FALL OF 2021, IN PREPARATION FOR HER CONTRACT WHICH EXTENDED THROUGH 6/30/23. FORM 990, PART VI, SECTION B, LINE 15B: THE COMPENSATION COMMITTEE REVIEWS THE COMPENSATION FOR THE CFO, COO, DIRECTOR OF DEVELOPMENT AND DIRECTOR OF ADVANCEMENT. THE ANNUAL COMPENSATION PROCESS INVOLVES ATTENTION TO AND AVOIDANCE OF CONFLICTS OF INTEREST, USE OF COMPARABILITY DATA GATHERED AND PRESENTED BY AN OUTSIDE COMPENSATION EXPERT AND CONTEMPORANEOUS DOCUMENTATION OF THE MEETINGS, DELIBERATIONS AND DECISIONS. ALL OTHER INDIVIDUALS' RATES ARE APPROVED BY THE HEAD OF SCHOOL. THESE PROCESSES WERE MOST RECENTLY UNDERTAKEN IN 2023. FORM 990, PART VI, SECTION C, LINE 19 MIDDLESEX SCHOOL PROVIDES GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS, AND FORM 990 WITHOUT SCHEDULE B UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 6,750,607. FORM 990, PART III, LINE 1: WE HONOR THE IDEAL, ARTICULATED BY OUR FOUNDING HEADMASTER, OF "FINDING THE PROMISE" IN EVERY STUDENT, AND WE WORK TOGETHER IN AN ATMOSPHERE OF MUTUAL TRUST AND SHARED RESPONSIBILITY TO HELP STUDENTS BRING THEIR TALENTS TO FRUITION AS KNOWLEDGEABLE, CAPABLE, RESPONSIBLE AND MORAL CITIZENS OF THE WORLD. AS A COMMUNITY, WE RESPECT THE INDIVIDUAL INTERESTS, STRENGTHS, AND NEEDS OF EACH STUDENT. WE ALSO VALUE THE RICH DIVERSITY OF BELIEF AND EXPERIENCE EACH OF US BRINGS TO THE SCHOOL. WE EXPECT THAT EACH STUDENT WILL BRING HIS OR HER BEST EFFORTS TO THE SHARED ENDEAVOR OF LEARNING AND THAT THE SCHOOL, THROUGH ITS FACULTY, WILL ENGAGE AND ENCOURAGE EACH STUDENT'S GROWTH, HAPPINESS, AND WELL-BEING. WE ASPIRE FOR ALL MIDDLESEX STUDENTS TO DEVELOP PERSONAL INTEGRITY, INTELLECTUAL VITALITY AND DISCIPLINE, AND RESPECT FOR THEMSELVES AND FOR OTHERS. WE EXPECT EACH STUDENT TO ENGAGE ENERGETICALLY AND COOPERATIVELY IN THE LIFE OF THE SCHOOL, AND WE SEEK TO INSPIRE IN ALL STUDENTS THE DESIRE TO SEEK UNDERSTANDING OF THEMSELVES AND THE LARGER WORLD, BOTH NOW AND IN THEIR FUTURES. OPERATING PRINCIPLES - ACCOMPLISHING THIS MISSION IS THE SHARED RESPONSIBILITY OF THE WHOLE MIDDLESEX COMMUNITY. FOR THAT REASON THE SCHOOL EXPECTS, OF ALL ITS STUDENTS, DEDICATION TO ACADEMIC EXCELLENCE, WILLINGNESS TO WORK ENERGETICALLY AND COOPERATIVELY TOWARD COMMON GOALS IN ALL ACTIVITIES, RESPECT BOTH FOR THEMSELVES AND FOR THE INDIVIDUAL DIFFERENCES OF OTHERS, AND DETERMINATION TO REACH BEYOND MERELY COMFORTABLE LIMITS OF KNOWLEDGE AND EXPERIENCE. IN THE SAME SPIRIT THE SCHOOL PROVIDES STUDENTS WITH SMALL CLASSES AND A STRONG, RICH, VARIED CURRICULUM; WITH A TALENTED, DEDICATED, AND ACCESSIBLE FACULTY, MOST OF WHOM TEACH, COACH, AND LIVE ON CAMPUS WITH THE STUDENTS; WITH OUTSTANDING FACILITIES FOR ACADEMICS, ATHLETICS, AND THE ARTS; AND WITH A SOCIAL COMMUNITY WHOSE MEMBERS REPRESENT DIFFERENT BACKGROUNDS AND INTERESTS. TAKEN TOGETHER, THESE ELEMENTS - SUPPLEMENTED BY ADVISING, COUNSELING, SCHOOL ASSEMBLIES AND SPECIAL PROGRAMS, WEEKLY CHAPEL GATHERINGS, INFORMAL COURSES AND PEER SUPPORT GROUPS: MAKE UP A SECONDARY SCHOOL EXPERIENCE REMARKABLE FOR ITS BREADTH AND DEPTH. FORM 990, PART I, LINE 6: FROM TIME TO TIME, MIDDLESEX SCHOOL MAY HAVE SEVERAL VOLUNTEERS WHO PARTICIPATE IN SCHOOL-RELATED COMMITTEES AND CLASS EVENTS, SUCH AS PROM, THE MIDDLESEX PARENTS ASSOCIATION OR ALUMNI ASSOCIATION. THESE VOLUNTEERS INCLUDE 30 BOARD MEMBERS AND 68 PARENTS COMMITTEE MEMBERS. MPA: APPROXIMATELY 24 PARENTS ATTEND MEETINGS AND VOLUNTEER DURING THE YEAR. ALUMNI ASSOCIATION: APPROXIMATELY 38 ACTIVE ALUMNI ASSOCIATION VOLUNTEERS. POOLED INCOME FUND (1) POOLED INCOME FUND MA MIDDLESEX SCHOOL T 1 CHARITABLE REMAINDER TRUSTS (17) CHARITABLE REMAINDER TRUSTS MA MIDDLESEX SCHOOL T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0